RE: unsecured notes

The funds are being used to repay bank debt. The vast majority of the funds ($270 million) are 10 yr notes at 3.78% which is a great rate to be fixed at for 10 years. I think management sees interest rates going up in the coming years and took advantage of being able to lock in more capital at a very low rate. Not sure if this expands their available capital or just replaces one type of debt with another. If it expands it then this would be a much preferred way to make acquisitions (i.e. with low cost debt) than via issuing more shares. It looks like a smart move to me - who knows how the market will react in the short term, there are a lot of other factors at work these days.